PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap Inc. has facilitated the sale of Waterford at Superstition Springs, a 280-unit multifamily community in Mesa.  The commercial real estate sale netted $33 million, or $117,850 per unit.

 IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Waterford at Superstition Springs LLC. The buyer is NALS Apartment Homes.         

Gebing tells GlobeSt.com, “The buyer was attracted to improving fundamentals in the submarket coupled with the opportunity to acquire a high quality, institutionally-owned asset at a significant discount to replacement cost. Waterford at Superstition Springs delivers an amenity-rich living experience that combines comfort and convenience with unparalleled contemporary finishes.”

The property is located at 7311 East Southern Ave. in Mesa, less than one mile east of Superstition Springs Center, a 1.2 million-square-foot regional shopping mall featuring more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center is directly across the street from the Superstition Springs Center. The Falcon Field Employment Center, a 5,100-acre area encompassing more than 10 industrial and office parks is approximately seven miles northwest of the community. The property has direct access to U.S. 60, the Superstition Freeway, and Loop 202, which provides access to Tempe, Mesa, Chandler and Gilbert, is nearby.

Developed by Zaremba Group in 2007, Waterford at Superstition Springs features one-, two-, and three-bedroom floor plans with nine-foot ceilings, fully equipped gourmet kitchens with cherry-wood cabinetry and GE appliances, full-sized washers and dryers, crown moldings, walk-in closets, raised panel doors and ample storage space with linen closets. Community amenities include a resort-style swimming pool with spa, a state-of-the-art leasing office and 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, courtyard space featuring a playground, volleyball court, barbecue grills, 80 detached garages, 30 detached storage units, a car care center, and controlled access gated entry.